NEW YORK, July 6, 2026, 08:03 EDT
- Rocket Lab Corporation NASDAQ:RKLB indicated $100.46 premarket. Iridium Communications Inc. NASDAQ:IRDM was at $53.75, a touch under the $54 deal price.
- Nasdaq didn’t open Friday for the observed Independence Day holiday. Regular trading is set to start at 9:30 a.m. ET on Monday.
- If Rocket Lab holds at these prices, Iridium holders would get about 0.2688 Rocket Lab shares for each Iridium share, as long as the final VWAP falls within the collar.
- The deal would bring Iridium’s $871.7 million in 2025 revenue onto Rocket Lab’s $200.3 million revenue base from the first quarter.
Rocket Lab Corporation NASDAQ:RKLB traded higher in premarket Monday, but Iridium Communications Inc. NASDAQ:IRDM gave a stronger read for deal watchers: IRDM was at $53.75, just under the $54 per share cash-and-stock offer, while Rocket Lab last changed hands at $100.46. These premarket quotes hit before Nasdaq’s regular session, after Friday’s market close for July 4th.
S&P 500 futures were up 0.4% and Nasdaq 100 futures gained 1.1% as of 7:24 a.m. ET, Reuters said. That gave a firmer start for Rocket Lab on its first full session after the holiday.
| Stock or fund | Latest quote | Move vs prior close | Market value | Investor read |
|---|---|---|---|---|
| Rocket Lab Corporation NASDAQ:RKLB | $100.46 | +0.5% | $60.8 bln | Buyer shares stayed within deal collar. |
| Iridium Communications Inc. NASDAQ:IRDM | $53.75 | -3.5% | $5.7 bln | Target now trades 0.5% under offered value. |
| Invesco QQQ Trust NASDAQ:QQQ | $712.60 | -1.7% | $339.7 bln | Nasdaq-100 tracker gave up ground on delay. |
| ARK Space & Defense Innovation ETF (BATS:ARKX) | $33.87 | +0.2% | n/a | Space, defense ETF edged higher. |
| Planet Labs PBC NYSE:PL | $31.38 | -0.7% | $10.8 bln | Space peer fell behind Rocket Lab. |
| AST SpaceMobile Inc. NASDAQ:ASTS | $85.13 | -1.1% | $24.7 bln | Shares of satellite-to-phone name slipped. |
| Redwire Corporation NYSE:RDW | $11.31 | -5.6% | $2.2 bln | Redwire dropped more than other space names. |
The math on the deal is what matters here. Rocket Lab’s SEC filing lays out that Iridium holders will receive $27 cash and Rocket Lab shares. If Rocket Lab’s VWAP over the 10 days before close is more than $67.50 but less than $112.50, holders get $27 divided by the VWAP. If the VWAP is under $67.50, it’s a fixed 0.4000 share. If it hits $112.50 or more, it’s 0.2400 share.
Rocket Lab is trading at $100.46, still inside the collar range. That’s 12.0% under the top end and 32.8% up from the lower end. At this live price, each Iridium share would get 0.2688 Rocket Lab shares. The deal still hovers near the $54 value, but the number of Rocket Lab shares needed might shift.
| Deal item | Figure | What it means |
|---|---|---|
| Cash per Iridium share | $27.00 | Flat cash payout. |
| Stock value target inside collar | $27.00 | Share ratio changes if VWAP lands between $67.50 and $112.50. |
| Indicative exchange ratio at $100.46 | 0.2688 RKLB share | Works out as $27 divided by Rocket Lab quote now. |
| Iridium discount to $54 notional | 0.5% | Spread stays tight on a deal set to close by mid-2027. |
| Iridium enterprise value | About $8.0 bln | That’s roughly 13.2% of Rocket Lab’s market cap now. |
| Bridge loan commitments | $3.6 bln | The loan size is about 45% of Iridium’s listed enterprise value. |
This is important for Rocket Lab shareholders since the offer hinges on more than Iridium just closing. The payout to Rocket Lab is fixed inside the collar, but the actual dilution moves with Rocket Lab’s own VWAP. If Rocket Lab’s VWAP is higher within the band, fewer new shares are issued. If it’s lower, more shares go out.
The deal shifts Rocket Lab’s revenue mix. Iridium posted $871.7 million in revenue for 2025, $114.4 million in net income, and $495.3 million in OEBITDA. Rocket Lab had $200.3 million in first-quarter revenue, a net loss of $45.0 million and an adjusted EBITDA loss of $11.8 million.
| Scale check | Rocket Lab | Iridium |
|---|---|---|
| Most recent revenue base | $200.3 mln for Q1 2026 | $871.7 mln expected 2025 |
| Profit measure | Net loss of $45.0 mln for Q1 | $114.4 mln net income for 2025 |
| Cash earnings measure | Adjusted EBITDA loss of $11.8 mln Q1 | $495.3 mln OEBITDA for 2025 |
| Balance sheet / funding point | Market cap at $60.8 bln | Deal gives $8.0 bln enterprise value |
Rocket Lab founder and CEO Sir Peter Beck called Iridium the “gold standard” for secure global satellite connectivity. Beck, in a separate interview with Reuters, also cited Iridium’s “all-important spectrum” as a key draw. Rocket Lab Corporation
Micah Walter Range, who heads space consulting firm Caelus Partners, told Reuters the deal gives Rocket Lab a starting set of customers and a distribution network. He said that’s potentially more valuable than just picking up hardware and spectrum.
Craig-Hallum’s Jeff Van Rhee upped his Rocket Lab price target to $120 from $98 and held his Buy rating. According to TipRanks, who quoted The Fly, Van Rhee called the deal “on the mark” and expects it will be “nicely accretive” to earnings. TipRanks
Rocket Lab joined the Nasdaq-100 index before the open on June 22. Other additions were Astera Labs Inc. NASDAQ:ALAB, CoreWeave Inc. NASDAQ:CRWV, Nebius Group N.V. NASDAQ:NBIS, and Teradyne Inc. NASDAQ:TER. Nasdaq said over 200 investment products track the index, with more than $800 billion in assets.
Next up for the deal are a vote from Iridium shareholders, the expiration of the Hart-Scott-Rodino period, FCC approval for transferring telecom licenses, sign-offs from foreign investment and satellite and telecom regulators, and having Rocket Lab’s S-4 declared effective.
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